Building materials group CRH is to buy US-based Ashland Paving And Construction in a deal worth over €1 billion.
The Irish firm announced today that it expected the purchase to be completed by the end of August and had got antitrust clearance.
CRH plans to finance the acquisition using debt.
The move will be a major expansion for the building firm, and is its largest acquisition to date. APAC operates in 14 mid-western and southern states in the US.
CRH Chief Executive Liam O'Mahony described the buy - expected to contribute positively to CRH earnings - as a major milestone in the development of CRH's Americas Materials unit.
"We aim to build on this significant new platform through enhancing the materials focus of APAC's business and through the application of the Americas Materials Division's vertically integrated approach to aggregates, asphalt and highway construction," he said in a statement.
